INDUSTRY NEWS
Illinois Department of Insurance requires independent third-party background investigation reports from nationally-recognized vendors
The Illinois Department of Insurance recently issued a bulletin requiring all companies to use nationally-recognized independent third-party agencies to provide background investigation/verification reports to the Illinois Department of Insurance.
The reports must be submitted with any required filing of biographical affidavits of officers and directors or any filing related to any biographical information of individuals as required pursuant to 215 ILCS 5/131.5.
The bulletin states that the vendor should submit the background investigation/verification reports directly to the Illinois Department of Insurance – Corporate Regulation Section.
Companies must use independent third-party vendors that have agreed to comply with the UCAA Best Practices/Guidelines for Background Investigations. Business Information Group meets this requirement and is an approved vendor. A list of all approved third-party vendors is available here.
Source: Illinois Department of Insurance, 7/13/2016